Innergex to acquire hydro developer Cloudworks Energy

Innergex Renewable Energy Inc announced it will buy privately-owned Cloudworks Energy Inc for C185 million (US187 million), expanding its hydroelectric power assets in the Canadian province of British Columbia.

The acquisition will help diversify the assets of Innergex, a small Canadian renewable energy producer, which operates run-of-river hydro projects and wind farms mostly in its home province of Quebec.

Cloudworks, which employs 30 people, owns a 50.01 percent stake in six run-of-river hydroelectric facilities with a combined gross installed capacity of 150 MW, news agencies reported.

President and Chief Executive Michel Letellier said in a statement the deal will increase Innergex’s installed power capacity to 401 MW.

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